Genex Power has successfully reached financial close for the 50MW Phase One of Kidston solar project in Australia.
For the financial close, Genex has entered into a debt funding arrangement for $100m with French financial services company Société Générale (Soc Gen) and Australian Government-owned Green Bank Clean Energy Finance Corporation (CEFC).
Genex has also finalised necessary funding requirements for engineering, construction, and procurement (EPC), as well as operation and maintenance (O&M) costs of the Kidston solar project.
CEFC's large-scale solar lead Gloria Chan said: “The CEFC is delighted to be part of the Kidston Solar Project Phase One, with our tailored finance helping accelerate construction and delivery of the 50MW large-scale solarfarm on this unique site.
“Energy storage solutions such as pumped hydro are one of the next steps in our clean energy transition. With the cost of solar generation continuing to decline, we are committed to working with developers such as Genex to finance opportunities that can complement Australia’s growing renewable energy capacity, by adding energy storage and grid stability services.”
Once completed, the solar facility will generate around 145,000MWh of energy every year, which would be enough to supply clean electricity to power 26,484 Australian households. The project will also be able to reduce 120,000t of carbon emissions each year.
First generation supply into the grid is expected in Q4 of this year, while project completion will be in Q1, 2018.
With construction underway, Genex will now secure financial arrangements and complete technical feasibility studies for the 270MW Kidston Solar Project Phase Two.